Boeing Labor and Management Tentatively Agree to Raise Wages by 35% Over 4 Years...the process of closing a strike

Labor and management at U.S. aircraft maker Boeing, which has been on strike for more than a month, have tentatively reached a pay deal that calls for a 35% increase in wages over four years, the union said.

According to a statement released by the 751 branch of the International Federation of Mechanical Aviation Workers (IAM) on the 17th local time, Boeing's labor and management tentatively concluded a negotiation plan that includes the payment of minimum annual bonuses and special bonuses along with the wage increase.

The IAM 751 branch is Boeing's largest union, representing more than 30,000 workers in the northwest coast of the United States, including Seattle, where Boeing is headquartered.

The provisional settlement should be approved by all members after a vote on the pros and cons to be held on the 23rd.

Earlier, Boeing union leaders had tentatively reached a 25% wage increase with the management, but it was canceled due to opposition from 95% of the union members.

Boeing has suffered disruptions to aircraft manufacturing and deliveries as the union went on strike on the 13th of last month amid a series of 737 MAX crashes that have left the company in crisis.

The Boeing union strike came 16 years after the global financial crisis in 2008.

Boeing has said it plans to cut 17,000 jobs, or 10% of its total employees, to cut costs, saying the strike is expected to widen its losses in the third quarter.